The ruble sets new records against the falling dollar
Data on the growth of industrial production in Russia and expectations the fed’s decision has strengthened the ruble
Monday, March 18, in ruble pairs was dominated by a very pronounced optimism. The dollar and the Euro again retreated under the onslaught of the ruble. By the close of trading on Monday the exchange rate of the US dollar calculations “tomorrow” has decreased by 44 kopecks (-0,7%), to RUB 64,37, and the Euro fell by 30 kopecks (-0,52%), to RUB 73,01 Dollar so low, yet fell from August 2018, and the Euro – from July 2018.
The strengthening of the ruble contributed to the strong data on industrial production growth in Russia in February of this year. In February production growth in annual terms amounted to 4.1%. Such high growth rates of industrial production in Russia was observed from may 2017, helped by a greater number of working days in February 2019, compared with the same month in 2018, the main driver of growth was the manufacturing industry. The weakening dollar also contributed to expectations of the fed decision, US interest rate, which will be released March 20. Analysts expect that at the next meeting of the Federal open market Committee, the fed interest rate will not be increased.
The price of Brent crude on Monday in London a good increased 0.48%, to $to 67, 23 per barrel. During the meeting in Baku on Monday “Ministerial” meeting of the participating countries “OPEC+” it was agreed to defer the question of the spread transaction “OPEC+” on the entire 2019 to may, when it will be clear as to balance the oil market impact of sanctions against Iran and Venezuela. Russian energy Minister Alexander Novak at a press conference called the country, as well as Libya and Nigeria, “black swans” of the oil market, however, described the oil market as “well-balanced”. This morning the price of Brent crude rising again, but a little more moderately.
The expected opening of trading on ruble pairs in the black. A pair dollar/ruble today, I expect 64-65 RUB and EUR/RUB – 72,8-73,5 RUB.___________________
Deputy Director of information-analytical center,